Egypt obtains membership in the New Development Bank

Cairo, Egypt – Egypt has officially become a member of the New Development Bank, established by the BRICS countries, after completing the necessary procedures.

The announcement was made on the bank’s official website, indicating that Egypt became a member in February 2022, but the notification did not appear until March 22.

The New Development Bank aims to finance infrastructure projects and sustainable development in BRICS countries and developing nations.

Since its establishment, the bank has approved more than 90 projects totaling $32 billion, covering areas such as clean energy, transportation, water supply, digital and social infrastructure, and civil construction.

Established by Brazil, Russia, India, China, and South Africa, the New Development Bank is an intergovernmental agreement signed at the sixth BRICS summit held in the Brazilian city of Fortaleza in July 2014.

Egypt’s membership comes after a similar decision was taken for the United Arab Emirates, Uruguay, and Bangladesh in September 2021.

With Egypt’s membership now official, the country has joined the likes of Brazil, Russia, India, China, and South Africa in contributing to the bank’s mission of promoting sustainable development and economic growth. This move is set to boost Egypt’s economy and support the country’s infrastructure development plans.